Fiscal Year 2009 Results

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1 Fiscal Year 2009 Results Analyst and Media Conference 22 March 2010

2 Peter M. Wagner, Chairman

3 2009 A Challenging Year Worldwide the most severe recession for decades Credit crisis is a heavy burden for solar industry Different customers have difficulties in obtaining financing for their large infrastructure projects Meyer Burger achieves very solid results a proof for the robust state of our company Net sales MCHF Group earnings MCHF Note: FY 2006 / 2007in accordance with Swiss GAAP FER; FY 2008 / 2009 in accordance with IFRS 3

4 Strategic Growth of Our Group Acquisition of Diamond Wire Technology, Inc. (Sept. 09) Diamond Wire Technology Growing business in consumables Solaris system, a strategic cooperation with Oerlikon Systems (Dec. 09) Coating of c-si solar cells Announced merger with 3S Industries Ltd (Dec. 09); Approval of the merger with over 99% of shareholders voting in favour of the merger proposal at the Extraordinary General Meetings (Jan. 10) Solar module manufacturing processes Building-integrated solar systems Unique market position Today, Meyer Burger is the only Technology Group worldwide that covers all of the most important technologies in the value chain of photovoltaics Mono- /Multi c-si Ingot- / Wafer Slicing Solar cells Solar modules Solar systems 4

5 Investments into the Future Research & Development Product optimisation Additional applications in the area of wire saws Development of a process management system for wafer manufacturing processes in the solar industry BrickMaster Production Mgmt. System PMS Wet Wafer Separator 5

6 Current Situation Signs of recovery we are carefully optimistic Further expansion phases to increase manufacturing capacities among solar cell and solar module producers are in planning Industry is preparing itself for the next phase of growth Meyer Burger concludes several large contracts in March 2010 a positive sign that customers go ahead with their planned increases in capacity, as soon as financing is possible and secured With outstanding logistics and flexible adjustments to our own capacities, we ensure deliveries on time even at high volumes 6

7 Strategic Position in a Future Market Peter Pauli, Chief Executive Officer

8 Costs/scale drive Photovoltaic market development Creation of an integrated solution provider would be key for < 1.0 $/W solar industry GW Grid Parity in the most important Markets Thinfilm Installed c-modules 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E Process, cost & market development driven Scale, speed & volume driven Development Module price Module price 4.30 $/W 1.80 $/W < 1.00 $/W 4.30 $/W Si costs < 0.2 $/W non Si cost Wafer < 0.25 $/W 1.80 $/W Cell to module < 0.40 $/W Total cost < 0.85 $/W 1.00 $/W Source: Company estimates 8

9 Technology leadership and integrated systems drive TCO Cost of Ownership drivers Characteristics of integrated systems offering Higher efficiency Material Utilisation Less resources Integrated system supplier from wavering to module assembly, driving the value chain Integration Uptime Process Stability Yield Cost Handling Automation Handling Simplification Move from linked single machine to fully integrated highly efficient and industrialised production lines Industrialisation Focus on whole value chain allows technological innovation to set future standards and be the cost leader in the crystalline PV market Innovation 9

10 Pillars for future successful Solar Energy from Solar-Module to energy-carrier Finances Investment Loan Politics Energy-Mix Technology Grid-Parity 10

11 Diamond Wire Technology Diamond Materials Tech, Inc.

12 Comparison: Slurry vs. Diamond Wire Slurry-Based Wafering Diamond Wire-Based Wafering A mixture of silicon carbide and ethylene glycol is used as an abrasive that erodes, rather than cuts, the ingot 3 body erosion Grits roll between wire and material Grits speed max of ½ the wire Moving wire Silicon fracture zone Diamonds are coated on the wire to generate a true cutting action 2 body erosion Grits slide over silicon Grits speed equal to wire speed Theoretically doubling removal rate Moving wire cutting zone Silicon 12

13 Diamond Wire Cutting The benefits Substantial reduction in cutting time leads to higher saw capacity Faster speed rates - on average 2-3 times faster than slurry Reduced total costs of ownership contribute to lower costs/watt Significantly reduced investments faster ROI Diamond wire can be used multiple times Reduced process risks of unstable slurry supply Less expensive secondary process: cleaning, etching, etc. Less complexity in the plant (no slurry mixing and supply systems) Potential recycling of silicon kerf Potential positive impact of cell performance under evaluation 13

14 TCO Running Costs Reduced complexity - No costs for slurry recovering process - No investment for slurry utilities - Simplified waste management Reduced TCO due to lower cutting and down-stream costs - Reduction of running costs such as electricity and cooling water - Potential for reduction in down-stream processes - New possibilities in the Si-recycling process under evaluation 14

15 The Way of Integration

16 Balance of Power - Product & Market Development We focus on the development of new technologies, products and on growing markets We maintain the competencies and characteristics of each group member We support each unit in concentrating on its core competencies to be best in class This results in an efficient and effective integration. financial financial financial financial Technology matrix Administration Marketing Sales Product Management Production matrix matrix matrix matrix Strict financial control across the entire Group 16

17 Worldwide Presence Close to customer Meyer Burger Companies 3S Companies Important Partners 17

18 Integrated Value Chain Enables Innovation & Standardisation Mono- /Multi c-si Ingot-/Wafer Slicing Solar cells Solar modules Solar systems (1) SOLARIS powered by Oerlikon Systems Note: (1) Strategic Marketing- & Distribution Agreement with Oerlikon Systems / Solaris 18

19 Recent order from Asia Order volume worth more than CHF 250 million Deliveries scheduled in 2010 and 2011 Order includes the most important technologies within solar grade wafering Meyer Burger Ltd provides cropping and wire saws for best in class wafering Hennecke GmbH with leading inspection systems secures the quality of high grade solar wafers 19

20 Production capacity Q4/08 Q4/ Great Performance in a difficult economic environment Machines Timeline Q4/08 - Q4/09 20

21 Family Branding

22 Branding Meyer Burger Swiss Solar Systems in one family - The sun represents the group as a whole - The sun graphic is an array of wafers/cells representing the smallest element of each group member - The colours of the sun represent the origin of each group member as well as the spectrum of light - The claim «Swiss Solar Systems» boosts the message of quality and «Swissness» in an international and technological environment Next Steps: - Introduction of family branding across the entire Meyer Burger Group 22

23 Financial Details Michel Hirschi, Chief Financial Officer

24 Incoming Orders / Order Backlog Incoming orders Volume of new orders MCHF Difficult credit situation lead to cautious behaviour on the customers side, with regards to their planned infrastructure projects Current situation in 2010 improving MBTN received some larger orders in H already (3 large customer orders amounting to a total of over MCHF 300) Strong demand especially from Chinese customers Order backlog Suspensions, postponements or regrouping of customer orders lead to a reduction of existing order backlog during H Situation stabilised in H2 2009, decrease in order backlog during H due to delivery of several orders Order backlog MCHF

25 Net Sales Moderate decline in net sales of 6% Net sales Majority of net sales resulted from orders received in 2007 / 2008 MCHF Production output on substantially reduced level in H Normalised during H2, with good Q Changes in net sales by regions Europe + 59% USA + 163% (adjusted for acquisition effects + 86%) Asia (28)% Note: 2007 Swiss GAAP FER, 2008/2009 IFRS 25

26 Details of Net Sales Net sales total FY 2009 MCHF By region By type of sales By currencies 5% 2% 2% 10% 34% 18% 6% 60% Asia America Europe 93% Machines / systems Spare parts / consumables Services 70% USD EURO CHF other 26

27 Gross Profit Decline in gross profit mainly as a result of lower net sales Gross Profit Stable gross margin Slightly different product mix Further slight reduction of in-house production depth in accordance with plans Pricing pressure passed on to subcontractors / suppliers MCHF % % 41.0% 40.4% Gross profit Gross margin Note: 2007 Swiss GAAP FER, 2008/2009 IFRS 27

28 Personnel Expenses Personnel expenses Personnel expenses were MCHF 66.8 (FY 2008: MCHF 62.5) No. of employees increased by 17% compared to year end 2008 Increase mainly due to acquisition of DWT* (104 FTE) in September 2009 No. of employees (FTE) FTE Reduced production during H compensated by short-time work and reducing of vacation Adjustments in capacity through employment of temporary personnel to cope with current orders DWT* acquisition additional Note*: DWT, nowadays Diamond Materials Tech, Inc. 28

29 EBITDA Other operating expenses EBITDA Total other operating expenses MCHF 40.0 (2008: MCHF 38.6) MCHF % Investments in Research & Development Product optimisation Additional applications wire saws Process management system for wafer manufacturing processes Development of innovation centre Expansion of Meyer Burger Group Change to IFRS (one-time costs) M&A expenses in conjunction with merger 3S Industries EBITDA EBITDA margin remained on attractive level despite the difficult market situation Short-time work in H resulted in somewhat lower efficiency % % % EBITDA EBITDA margin Note: 2007 Swiss GAAP FER, 2008/2009 IFRS

30 EBIT Depreciation, amortisation in 2009 total of MCHF 22.0 (2008: MCHF 22.5) MCHF 13.1 (2008: MCHF 16.6) amortisation for intangible assets of AMB and Hennecke EBIT MCHF % Goodwill Hennecke and DWT judged to be sustainable, no goodwill for AMB at year-end % % % EBIT EBIT margin Note: 2007 Swiss GAAP FER, 2008/2009 IFRS

31 Group Earnings Financial income / expenses Financial result, net in 2009 MCHF (2.0) vs. 2008: MCHF (10.7) Positive result for currency translation differences, net: MCHF 1.6 compared to MCHF (5.4) in 2008 Income taxes Income taxes of MCHF 10.1 (2008: MCHF 14.8) Income tax rate 25.8% in 2009 (2008: 29.8%) Group earnings Profit of MCHF 29.2 Proposal by the Board of Directors to the Annual General Meeting of Shareholders: Balance of retained earnings to be carried forward (focus on further growth) Group earnings MCHF Note: 2007 Swiss GAAP FER, 2008/2009 IFRS 31

32 Income Statement TCHF 2009 IFRS in % 2008 IFRS in% Net sales % % Changes in inventories of finished products and work in process (31 128) Other income Income Costs of products and services of subcontractors ( ) ( ) Gross profit % % Personnel expenses (66 801) (62 544) Other operating expenses (39 952) (38 622) EBITDA % % Depreciation and amortisation (22 009) (22 525) EBIT % % Financial result, net (1 997) (10 742) Earnings from participation in associated companies Earnings before taxes (EBT) % % Income taxes (10 139) (14 841) Group earnings % % 32

33 Balance Sheet Solid balance sheet structure Stock of raw materials, purchased parts reduced, processes optimised Inventories and machines in production or machines prior to acceptance by customers are reported at net value within balance sheet i.e. directly allocable customer prepayments are deducted Intangible assets reflect participations in Hennecke, AMB and DMT MCHF 57.3 of interest bearing liabilities Equity ratio increased substantially TCHF in % in % Cash, cash equivalents Trade and other receivables Inventories Other current assets Total current assets % % Property, plant and equipment Intangible assets Other long-term assets Total long-term assets % % Total assets % % Current financial liabilities Trade payables Customer prepayments Other current liabilities Total current liabilities % % Non-current financial liabilities Other non-current liabilities Non-current liabilities % % Equity % % Total liabilities and equity % % 33

34 Cash Flow Strong operating cash flow Decrease in working capital through active management of receivables, reduction of inventories, and as a result of slightly lower sales Limited investments, net in property, plant and equipment (2009 reflects also sale of plant Steffisburg) Investments in participations refer to cash position of acquisitions (2009: DMT and 2008: Hennecke, AMB) Financing activities: Borrowings through syndicated credit line of total MCHF 130 of which MCHF 50 are drawn TCHF Group earnings Income taxes Financial result Amortisation, depreciation, impairment, net Income taxes paid (14 634) (9 349) Changes in net working capital (50 116) Other (5 223) (912) Cash flow from operating activities Investments in property, plant, equipment, net 770 (14 976) Investments in subsidiaries, less acquired cash and cash equivalents (49 003) (40 167) Investments in intangible assets (2 369) (2 715) Other (192) 192 Cash flow from investing activities (50 794) (57 665) Capital increases (incl. premium) Issuance of current financial liabilities, net 12, Issuance of non-current financial liabilities, net Cash flow from financing activities Currency translation differences on cash, cash equivalents. (451) (336) Change in cash and cash equivalents (23 184) Cash, cash equivalents at end of period

35 Pro Forma incl. 3S Companies Net sales (FY 2009) EBITDA (FY 2009) MCHF MCHF MBTN 3S Pro forma Note: Meyer Burger IFRS, 3S Swiss GAAP FER 20 0 MBTN 3S Pro forma 35

36 Pro Forma incl. 3S Companies Cash, cash equivalents ( ) Net liquidity 1 ( ) Employees (FTE) ( ) MCHF MCHF FTE MBTN 3S Pro forma 1 Cash and cash equivalents, less interest bearing liabilities Note: Meyer Burger IFRS, 3S Swiss GAAP FER 20 0 MBTN 3S Pro forma MBTN 3S Pro forma 36

37 Outlook New Meyer Burger Group has a unique market position Current economic situation worldwide makes it difficult to provide clear forecasts for 2010 Signs of recovery Some infrastructure projects receive financing again Order backlog of currently (March 2010) MCHF 900 let us expect a solid FY 2010 Merger project between MBTN and 3S running according to plans The combined group offers integrated solutions that enable lower manufacturing costs along the value chain of photovoltaics We make a key contribution to the goal of reaching grid parity On a long-term perspective, we expect strong and sustainable growth for the solar industry and Meyer Burger Group 37

38 Thank you for your attention

39 Disclaimer Information in this presentation may contain forward-looking statements, such as guidance, expectations, plans, intentions or strategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautioned that actual future results may differ from those expressed in or implied by the statements, which constitute projections of possible developments. All forward-looking statements included in this presentation are based on data available to Meyer Burger Technology Ltd as of the date that this presentation is released. The company does not undertake any obligation to update any forward-looking statements contained in this presentation as a result of new information, future events or otherwise. This presentation is not being issued in the United States of America and should not be distributed to U.S. persons or publications with a general circulation in the United States. This presentation does not constitute an offer or invitation to subscribe for, exchange or purchase any securities. In addition, the securities of Meyer Burger Technology Ltd have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered, sold or delivered within the United States or to U.S. persons absent registration under an applicable exemption from the registration requirements of the Securities Act or any state securities laws. The information contained in this presentation does not constitute an offer of securities to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations No prospectus offering securities to the public will be published in the United Kingdom. Persons receiving this presentation in the United Kingdom should not rely on it or act on it in any way. In addition, the presentation is not for release, distribution or publication in or into Australia, Canada or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. 39

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